Morgan Stanley Said to Plan Giving Up Some Mumbai Office Space

Morgan Stanley (MS) is planning to give
up some of the office space it leases in Mumbai after selling
its Indian wealth and domestic fund management businesses,
people familiar with the matter said.

Morgan Stanley, which occupies two floors in Tower 2 of One
Indiabulls Centre in Mumbai, may give up an entire floor, one of
the people said, asking not to be identified because the
information is private. The New York-based bank will move some
staff to existing offices in the city where it will take up more
space, one of the people said. Morgan Stanley declined to
comment in an e-mailed response.

Morgan Stanley, ranked third for mergers and acquisitions
on completed deals in India last year, sold its Indian wealth
management assets to Standard Chartered Plc and its domestic
fund-management unit to HDFC Mutual Fund in 2013.

The 20-story office tower, owned by Indiabulls Real Estate (IBREL)
Ltd., is located in central Mumbai, with tenants including
American Express Services India Ltd. and insurer Marsh India.
Morgan Stanley became a tenant in One Indiabulls in 2010 as it
consolidated most of its businesses in a single location, the
firm said in a statement in May 2010.

Rents in Mumbai’s central business district were $4.5 per
square foot per month in the quarter ended March, and compared
with $6.61 in Shanghai, according to data from broker Cushman &
Wakefield Inc.

Morgan Stanley is opening an offshore center to support
global functions, including technology, data, operations and
finance, in Bengaluru this year, adding to its existing centers
in Mumbai, according to a Dec. 23 company statement.